2016年-FSB全球金融稳定委员会_Elements_of_Effective_Macroprudential_Policies_22页_638kb

Summary of IMF-FSB-BIS Elements of Effective Macroprudential Policies

Core Content

This document outlines the key elements and practices of effective macroprudential policies, drawing on international experiences and academic research. It is part of a joint effort by the IMF, FSB, and BIS to provide guidance on macroprudential policy frameworks, tools, and institutional arrangements, in response to the G20 mandate.

Macroprudential policy is defined as the use of prudential tools to limit systemic risk. It focuses on the stability of the financial system as a whole, complementing microprudential regulation, which targets individual institutions. The policy aims to increase the resilience of the financial system to aggregate shocks, contain the build-up of systemic vulnerabilities, and manage structural risks arising from interconnectedness and the role of key intermediaries.

Main Objectives

The main objectives of macroprudential policy include:

1. Enhancing resilience: Building and releasing buffers to maintain financial system functionality during adverse conditions.
2. Containing systemic vulnerabilities: Reducing procyclical feedback between asset prices and credit, and curbing unsustainable leverage and debt accumulation.
3. Controlling structural risks: Addressing risks from interconnectedness and the "too-big-to-fail" problem by improving the resolvability and stability of systemically important institutions (SIFIs).

Key Information

Institutional Arrangements

• Mandate, Governance, and Accountability: A clear mandate is essential for macroprudential policy. It is often assigned to a central body or a committee, and may involve central banks, regulatory authorities, and sometimes the Ministry of Finance.
• Central Bank Role: Central banks often play a central role due to their expertise, independence, and ability to act decisively. In some cases, they chair macroprudential committees or have a leading role in regulating SIFIs.
• Ministry of Finance Participation: Involvement of the Ministry of Finance can help secure political legitimacy and ensure cross-policy coordination. In some countries, it is a voting member or chair.
• External Experts: Independent external experts are often included in decision-making bodies to provide an independent perspective and reduce groupthink. Examples include France, the UK, and the ESRB.
• Powers: Macroprudential authorities may have hard (direct), semi-hard, or soft powers. Hard powers allow direct control over policy tools, while soft powers involve recommendations and communication. A combination of powers is often more effective than relying on a single type.

Operational Considerations

• Systemic Risk Analysis: A comprehensive framework is necessary to monitor and assess systemic risks. This includes evaluating both the time dimension (build-up of risks over time) and the structural dimension (distribution of risk within the system).
• Early Warning Indicators: Indicators such as the credit-to-GDP gap, mortgage debt growth, and house price trends are used to detect potential systemic vulnerabilities early.
• Resilience Indicators: Indicators like leverage ratios, debt-service burdens, and interest coverage ratios help assess the resilience of the financial system.
• Stress Testing: Macroprudential stress tests are used to evaluate the system's ability to withstand adverse conditions and complement early warning indicators.

Policy Tools

A variety of tools are used to address systemic risk:

• Capital-based tools: Include dynamic provisioning, countercyclical capital buffers (CCyB), and time-varying leverage ratio caps.
• Asset-side tools: Involve loan restrictions, such as caps on loan-to-value (LTV), debt-service-to-income (DSTI), and loan-to-income (LTI) ratios.
• Liquidity-related tools: Include reserve requirements, the Basel III Liquidity Coverage Ratio (LCR), and measures to contain maturity mismatch.
• Structural tools: Aim to reduce contagion by enhancing the resilience of SIFIs, increasing capital surcharges, and implementing loss absorbency requirements for resolution.

International Consistency

Macroprudential policy interacts with other policies, including monetary, fiscal, and microprudential policies. It is important to ensure that these interactions are managed effectively to avoid tensions and complementarities. The document emphasizes the need for international consistency in policy design and implementation, as well as the importance of coordination between domestic and international institutions.

Conclusion

The document highlights that while there is no one-size-fits-all approach to macroprudential policy, certain institutional and operational elements have been found to be effective across countries. These include clear mandates, appropriate powers, transparency, accountability, and the use of a diverse set of policy tools to address both time and structural vulnerabilities. It also stresses the importance of international coordination and the need to avoid substituting macroprudential policy for other macroeconomic or microprudential measures.